BoZ takes possession of Intermarket

KALONDE NYATI, Lusaka
BANK of Zambia (BoZ) has with immediate effect taken possession of Intermarket Banking Corporation Zambia Limited due to failure to meet various obligations.
According to a statement issued by BoZ head of communications Kanguya Mayondi, Intermarket Banking Corporation Zambia Limited conducted its business in breach of any written law and engaged in a course of conduct that was deemed unsafe and unsound.
The bankâ€™s capital is also less than the prescribed requirement.
â€œBoZ is empowered under section 81 of the BFSA [banking and financial services Act] to take possession of a financial service provider where, in its opinion, an inspection of the financial service provider instituted under this Act shows that the bank is insolvent,â€ he said.
Mr Mayondi said the move to take over operations of the bank is aimed at safeguarding the interests of depositors and preserving the integrity of the financial system.